Best Banks in UAE
The United Arab Emirates (UAE) is the Middle East's leading financial hub, attracting a wide range of investors and companies from around the world thanks to its business-friendly environment. This has sparked intense competition among banks, financial institutions, and other financial service providers to offer top-notch banking services. In the UAE, there are 23 domestic banks and 28 foreign banks, with some specializing in Islamic banking and others catering to both ex-pats and UAE nationals of all faiths.
This guide explores the best banks in the UAE. We've compared and analyzed 51 banks with operations in the UAE, evaluating them across six key categories: fees, available products, customer service, and the number of branches and ATMs.
Based on our research, the top banks in the UAE are:
An Overview of Our Top 10 UAE Banks
1. Emirates National Bank of Dubai (ENBD)
Bank Details – In 2007, the Emirates Bank International (EBI), the second-largest bank in the UAE, merged with the National Bank of Dubai (NBD), the fourth-largest bank, to form Emirates National Bank of Dubai (ENBD). This merger created the biggest banking conglomerate in the GCC, with operations in over 10 countries across 3 continents. ENBD also has the most ATMs in the UAE.
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2. Emirates Islamic Bank
Bank Overview – Emirates Islamic Bank is among the top banks in the UAE specializing in Sharia-compliant products. Established in 2004, it offers loans, credit cards, and other banking services to businesses and individual customers.
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3. First Abu Dhabi Bank
Bank Overview – First Abu Dhabi Bank (FAB) is a leading financial institution with branches worldwide. It is one of the top banks in the UAE for ex-pats and UAE nationals, known for its strong customer service and extensive range of banking services. FAB is also among the largest equity-based banks in the UAE.
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4. Abu Dhabi Commercial Bank (ADCB)
Bank Overview – 58% of ADCB's shares are owned by the Abu Dhabi Investment Council, a branch of the Abu Dhabi government. The bank ranks among the top 3 largest and most reputable banks in the UAE.
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5. Mashreq
Bank Overview – Mashreq is among the fastest-growing banks in the UAE. It is notable for its smartphone app, allowing clients to transfer money to over 20 countries without any fees.
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6. Dubai Islamic Bank
Bank Overview – Established in 1975 and headquartered in Dubai, Dubai Islamic Bank was the first to offer Islamic finance solutions to UAE residents. It allows clients to invest in Sharia-compliant financial products without hidden fees.
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7. National Bank of Fujairah
Bank Overview – The National Bank of Fujairah is one of the top banks in the UAE, having earned several awards, including Best SME Internet Banking Service and Best Treasury Management at the Banker Middle East UAE Product Awards. It provides a wide range of banking services, including consumer and business loans and credit cards.
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8. Standard Chartered Bank
Bank Overview – Standard Chartered Bank is one of the largest international banks, providing both conventional and Islamic banking services. Established in 1958, it opened its first UAE branch in Sharjah and now has ATMs throughout the UAE.
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9. National Bank of Ras Al-Khaimah (RAKBANK)
Bank Overview – RAKBANK is 52.75% government-owned, with 33 branches in the UAE. It has won several awards, such as SME Bank of the Year and Best Internet Banking. The bank provides a diverse array of personal and business banking services, including loans, credit cards, and digital banking solutions.
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10. Abu Dhabi Islamic Bank (ADIB)
Bank Overview – Abu Dhabi Islamic Bank (ADIB) is a Sharia-compliant bank with over 70 branches and more than 460 ATMs throughout the UAE. It has a strong focus on younger customers, offering a student ISIC card that rewards students for managing their money wisely. This card is accepted in over 10 countries and provides various discounts and other benefits.
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UAE Banks Compared
Conclusion
With an understanding of the top banks in the UAE for both ex-pats and UAE nationals, you're now equipped to choose where to apply for a bank account, personal or business loan, or credit card. Here's a brief guide on how to get started.
Digital channels / Banking / Project Office / Product management (CPO, Chief digital channels)
8 个月Thank You Giles, for such a detailed analysis. It would be awesome to see a similar analysis for digital/neobanks, due to great conditions for those in AUE. Some of described incumbent banks (like Mashreq, ENBD, RAK) are already offering digital banking.